Outputs (27)

Rented vs. owner-occupied housing and monetary policy (2018)
Journal Article
Rubio, M. (2019). Rented vs. owner-occupied housing and monetary policy. BE Journal of Macroeconomics, 19(1), Article 20160110. https://doi.org/10.1515/bejm-2016-0110

© 2019 Walter de Gruyter GmbH, Berlin/Boston. The aim of this paper is to show how housing tenure (rented vs.cowner-occupied) affects monetary policy. I propose a dynamic stochastic general equilibrium model with housing, both owned and rented. First... Read More about Rented vs. owner-occupied housing and monetary policy.

National macroprudential policies in the Euro Area: flexibility vs. supervision (2018)
Journal Article
Rubio, M. (2018). National macroprudential policies in the Euro Area: flexibility vs. supervision. Economics Letters, 170, https://doi.org/10.1016/j.econlet.2018.05.036

In this paper, I shed some light on a much discussed topic in the policy debate: Should national macroprudential policies be supervised by a supranational entity in a monetary union? To do so, I develop a two-country DSGE monetary union model, which... Read More about National macroprudential policies in the Euro Area: flexibility vs. supervision.

Macroeconomic and financial stability in a monetary union: the case of Lithuania (2017)
Journal Article
Rubio, M., & Comunale, M. (2018). Macroeconomic and financial stability in a monetary union: the case of Lithuania. Economic Systems, 42(1), https://doi.org/10.1016/j.ecosys.2017.04.002

In this paper, we study the implications for macroeconomic and financial stability of macroprudential policies in a monetary union. With this purpose, we develop a two-country monetary union new Keynesian general equilibrium model with housing and co... Read More about Macroeconomic and financial stability in a monetary union: the case of Lithuania.

Monetary policy and the role of inventory investment (2017)
Journal Article
Rubio, M., & Schuh, S. (in press). Monetary policy and the role of inventory investment. Applied Economics Letters, 24(21), https://doi.org/10.1080/13504851.2017.1363855

In this paper, we develop a dynamic stochastic general equilibrium model (DSGE) with sticky prices and inventory investment to explore the relationship between inventories and monetary policy. We use the traditional inventory literature as a basis to... Read More about Monetary policy and the role of inventory investment.

Monetary and macroprudential policies under fixed and variable interest rates (2017)
Journal Article
Rubio, M. (in press). Monetary and macroprudential policies under fixed and variable interest rates. Macroeconomic Dynamics, https://doi.org/10.1017/S136510051700013X

In this paper, I analyze the ability of monetary policy to stabilize both the macroeconomy and financial markets under two different scenarios: fixed and variable-rate mortgages. I develop and solve a New Keynesian dynamic stochastic general equilibr... Read More about Monetary and macroprudential policies under fixed and variable interest rates.

Clustered housing cycles (2017)
Journal Article
Hernandez-Murillo, R., Owyang, M. T., & Rubio, M. (2017). Clustered housing cycles. Regional Science and Urban Economics, 66, https://doi.org/10.1016/j.regsciurbeco.2017.06.003

Using a panel of U.S. city-level building permits data, we estimate a Markov-switching model of housing cycles that allows cities to systematically deviate from the national housing cycle. These deviations occur for clusters of cities that experience... Read More about Clustered housing cycles.

Bank capital requirements and collateralised lending markets (2017)
Journal Article
Rubio, M., & Carrasco-Gallego, J. A. (2017). Bank capital requirements and collateralised lending markets. Manchester School, 85(S1), 79-103. https://doi.org/10.1111/manc.12182

In this paper, we take as a baseline a dynamic stochastic general equilibrium (DSGE) model, which features a housing market, borrowers, savers and banks, in order to evaluate the welfare and macroeconomic effects of the new fixed capital requirements... Read More about Bank capital requirements and collateralised lending markets.

Lithuania in the euro area: monetary transmission and macroprudential policies (2016)
Journal Article
Rubio, M., & Comunale, M. (in press). Lithuania in the euro area: monetary transmission and macroprudential policies. Eastern European Economics, 55(1), https://doi.org/10.1080/00128775.2016.1255558

In this paper, we develop a two-country monetary union new Keynesian general equilibrium model with housing and collateral constraints, to be calibrated for Lithuania and the rest of the euro area. Within this setting, and following the recent entran... Read More about Lithuania in the euro area: monetary transmission and macroprudential policies.

The new financial regulation in Basel III and monetary policy: A macroprudential approach (2016)
Journal Article
Rubio, M., & Carrasco-Gallego, J. A. (2016). The new financial regulation in Basel III and monetary policy: A macroprudential approach. Journal of Financial Stability, 26, 294-305. https://doi.org/10.1016/j.jfs.2016.07.012

The aim of this paper is to study the interaction between Basel I, II and III regulations with monetary policy. In order to do that, we use a dynamic stochastic general equilibrium (DSGE) model with a housing market, banks, borrowers, and savers. Res... Read More about The new financial regulation in Basel III and monetary policy: A macroprudential approach.

Coordinating macroprudential policies within the Euro Area: the case of Spain (2016)
Journal Article
Rubio, M., & Carrasco-Gallego, J. A. (in press). Coordinating macroprudential policies within the Euro Area: the case of Spain. Economic Modelling, 59, https://doi.org/10.1016/j.econmod.2016.06.006

In the aftermath of the global financial crisis, there is consensus on the need for macroprudential policies to promote financial stability. However, the optimal way to implement such policies in the Euro area is a question open to debate, given that... Read More about Coordinating macroprudential policies within the Euro Area: the case of Spain.